This is a question I hear a lot. People want to know if they should manage their rental properties themselves or hire a property manager. In order to answer that question, I have a couple questions for you.
Do you have real estate experience and can you handle high stress situations? Managing rental properties is a stressful job. Are you the kind of person that can stay calm and level-headed in a stressful situation? Can you manage emergencies calmly? Can you keep your cool when someone is trying your patience? These are some of the attributes you need to deal with tenants on a day-to-day basis.
Tenants bring drama and have ways of attempting to control the situation. They may call in the middle of the night or make constant demands. They may try to guilt you into accepting their excuses for not paying rent or for making concessions you wouldn’t normally agree to. Can you deal with these emotions? A manager will insulate you from possible mental and emotional abuse.
Having a manager helps with these emotions by dealing with the tenants directly. Managers create a buffer between you and the chaos. However, there are some emotions a manager can not help alleviate.
Can you handle the emotions that come with risk and property ownership? A manager can help deal with the tenants but they cannot take out the risks involved. This is addressed in Should I be a Landlord? There will always be risk in owning rental properties. Things happen. Bad tenants happen. Property damage happens. natural disasters happen. As property managers we work to decrease many of the risks, but we cannot promise they will never happen. You have to be able to deal with the risks that come along with owning rentals.
Do you have the time to manage your properties? We take care of the day-to-day needs allowing you to use your time in other ways. We have several successful systems in place that allow us to manage a multitude of properties seamlessly.
Are you a control freak? We see this a lot with landlords that have been in the business for years and have been managing their own properties. They want us to do everything their way, but that won’t work for us. Our systems work and to try to manage different properties using different systems or procedures would be hectic and take way too much time. When landlords decide to work with us, they need to take that leap of faith and allow us to manage them our way using our systems. If this is something you can not let go of, you may be better offer hiring an employee to help you with the day-to-day work instead of hiring a property manager.
Our experienced investment property management team can relieve you of the burden of managing your rental property while saving you some serious money! Call us today at (440) 220-7300 to see how we can help you!